What Is the Difference Between a Will and a Trust in Colorado?

You’ve worked hard to create a life you’re proud of, with a home filled with memories, a career that supports your family, and a future you want to protect. At some point, you realize the people you love most will one day need more than your good intentions. They’ll need a plan.

That’s often when people begin searching for answers. You might type “what is the difference between a Will and a Trust” into Google, hoping to find out which one offers the right protection for your situation. It’s a question our attorneys hear often at Hammond Law Group. What you’ll find is that each plays an important role in building a thoughtful estate plan, but they serve very different purposes.

We know how important it is to understand not just the legal documents, but what they mean for your family, your values, and your future. Whether you’re planning ahead for retirement or just getting started, it’s never too early to learn how these tools work together to protect what matters most.

How a Will Fits into Your Estate Plan

A Will, also called a Last Will and Testament, is a legal document that describes how you want your assets distributed after your death. It names a personal representative (sometimes called an executor) to carry out your wishes and make sure your loved ones are cared for.

Under C.R.S. § 15-11-502, a Will must be in writing, signed by the testator (the person creating the Will) and witnessed by two individuals. While it’s an essential part of most estate plans, it addresses only part of what’s needed to carry out your wishes.

A Will allows you to:

• Decide who inherits your property and financial accounts
• Name guardians for minor children
• Leave meaningful gifts to a family member or charitable organization
• Express funeral arrangements and personal wishes

What many families don’t realize is that a Will doesn’t keep your estate out of probate court. Probate is the legal process that verifies your Will, manages debts, and distributes your assets under court supervision. Even when things go smoothly, it can take months, involve legal fees, and expose personal matters to public record.

That’s why many people who begin their estate planning with a Will eventually choose to add a Trust. It’s not only about avoiding probate; it’s about leaving your family supported and your legacy carried out exactly as you intended.

Why a Trust Offers More Flexibility

A Trust goes one step further than a Will by allowing you to plan for both life and death, and to keep the court out of your affairs. It’s a legal arrangement where you transfer ownership of your assets to a trustee (yourself, while you’re living) who manages and distributes them according to your instructions. For many families, once you pass away the trustee will be a trusted friend,  relative, or even a professional.

A Living Trust gives you the ability to stay in control of your assets while you’re alive, then make a smooth transition for your loved ones when the time comes. It also keeps your family out of probate court both if you become incapacitated and when you die, saving months or years of unnecessary paperwork and additional expense.

We’ve seen how valuable that peace of mind can be. A Trust can:

• Keep your family’s financial information private
• Provide stability if you face illness or cognitive decline, allowing someone you trust to make financial decisions on your behalf
• Offer clear guidance for your beneficiaries, preventing confusion or conflict
• Protect what you’ve built through options like irrevocable trusts or special needs trusts
• Adapt to life’s changes so your estate plan stays current as your needs evolve

Creating a Trust isn’t just about documents or legal strategy. It’s about designing a plan that protects your legacy, your values, your wishes, and the people you love most.

Common Types of Trusts in Colorado

Once people learn how flexible a Trust can be, the next question is usually, “What kind should I have?” Colorado law recognizes several types of trusts under the Colorado Uniform Trust Code, and each serves a different purpose depending on your goals and financial situation.

Here are a few of the most common:

• Revocable Living Trust: Lets you manage your assets during your lifetime and change the terms as life evolves. It’s one of the most effective ways to avoid probate and maintain privacy.
• Irrevocable Trust: Transfers assets permanently out of your name, which can provide asset protection and potential tax advantages.
• Special Needs Trust: Helps you support a loved one with disabilities without affecting their eligibility for government benefits.
• Charitable Trust: Allows you to give back to a cause or organization that’s close to your heart while potentially creating valuable tax benefits.
• Testamentary Trust: Created through your Will and activated after your death to manage asset distribution for minor children or other beneficiaries.

Each of these options serves a specific role in protecting your family and your assets. We often help clients combine different trust structures as part of a comprehensive estate plan, coordinating them with other estate planning documents like Powers of Attorney, Living Wills, and Healthcare Directives.

Why Many Colorado Families Use Both a Will and a Trust

For most families, the right estate plan isn’t an either-or decision. A Will and a Trust each play a different role, and together, they form a more complete picture of your wishes.

A Pour-Over Will serves as a safety net for anything that wasn’t transferred into your Trust during your lifetime, making sure that each asset still follows the plan you intended. It also allows you to name guardians for young children. This is an important safeguard for families who are still raising kids or helping grandchildren.

Using both gives you balance. The Trust keeps your affairs private and efficient, while the Will fills in the gaps and provides personal guidance your loved ones can rely on. Together, they:

• Keep your estate organized and complete
• Streamline or even help avoid probate
• Coordinate your financial accounts and property under one plan
• Give your family confidence and clarity during a difficult time

We’ve seen how this combination gives our clients lasting peace of mind. It’s not just about distributing assets; it’s about creating a thoughtful structure that protects relationships, preserves values, and passes on more than wealth alone.

Choosing the Right Option for Your Family

Every family’s goals, finances, and life circumstances are different. The best estate plan depends on what matters most to you, whether it’s protecting privacy, caring for a loved one with special needs, or making things simple for your children.

A Will may be all you need if your estate is small or your situation is straightforward. But if you own real estate, have blended families, or want to minimize probate, a Living Trust often provides greater flexibility and control. A Trust can also help if you:

• Want to keep your affairs private
• Have adult children who live out of state
• Are part of a military family and need protection that travels with you
• Own property in multiple states
• Want to provide ongoing guidance for your beneficiaries

At Hammond Law Group, our attorneys don’t believe in one-size-fits-all solutions. We take time to understand your story, your values, and your vision for the future. From the first conversation, our team focuses on relationships by helping families build comprehensive estate plans that adapt as life changes.

Your plan should bring peace of mind, not paperwork. A Colorado Springs estate planning attorney can help you design a strategy that fits your goals today and protects the people you love tomorrow.

Start Protecting Your Legacy Today

A strong estate plan does more than organize paperwork. It gives your family clarity, comfort, and confidence for the future. If you found this page while searching online for “legal will lawyers” or “trust lawyers near me,” you’re in the right place.

At Hammond Law Group, we believe estate planning isn’t a one-time transaction. It’s the beginning of a lifelong partnership built on trust and care. With more than 40 years of combined attorney experience, our team has guided thousands of Colorado families through the estate planning process with genuine compassion and personal attention. We are a relationship firm that acts as a lifelong partner in estate planning and a concierge for your family.

If you’ve been wondering how a Will or Trust fits your goals, join one of our free educational estate planning workshops. You’ll learn how these legal documents work together, how to protect your assets, and how to make informed decisions that reflect your values.

After attending a workshop, you’ll have the opportunity to meet with one of our attorneys for a complimentary consultation to discuss your personalized plan. Register for a workshop or webinar here. You can also call us at (719) 520-1474 to register for an upcoming event and speak with our team to get started.

At Hammond Law Group, we help you build a Better Life. Better Legacy.

Copyright © 2025. Hammond Law Group PC. All rights reserved.

The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in or accessible through this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country, or other appropriate licensing jurisdiction.

Hammond Law Group, PC
2955 Professional Place, Suite 300
Colorado Springs, CO 80904
(719) 520-1474
https://coloradoestateplan.com